The frustration felt by many individuals that banks still do not seem to be lending in sufficient quantities is still evident in the latest Lending To Individuals figures from the Bank of England, which explains the frustration felt by many would-be borrowers.
Just 47,643 loans were approved for house purchases and a mere 29,949 loans for remortgages meaning that both sets of figures have now dropped below their previous 6 months average.
First-time buyers have every right to feel discriminated against, as while mortgage lending has become more profitable for many lenders, it is too often targeted at those customers who are already well catered for. Lenders are continuing to walk the easy path.
Posted in Bank of England Lending Figures, Best Mortgage Rates, Coreco, First Time Buyers, House Prices, Mortgage Brokers in London, Property Market | Also tagged Bank of England, First Time Buyers, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
For those of you who think times are more than a little tough at the moment, the news that there are still major fears about the strength of the European Banking System, is not really what you will want to hear.
However, this week sees the release of a major report involving the “stress-testing” on a range of European Banks to determine their health and, perhaps more importantly, whether they are in a position to cope if anything goes seriously wrong again. These “detailed” tests have been undertaken on 91 banks, including names such as Deutsche Bank and Commerzbank in Germany, HSBC and Barclays in the UK, as well as Societe Generale and BNP Paribas in France.
Posted in Coreco, Credit Crunch, Economic Recovery, Inflation, Interest Rates, Mortgage Market, The Economy | Also tagged Bank of England, Credit Crunch, Economy, London Mortgage Broker, Mortgage Market, mortgage products |
After deciding to watch the last few minutes of the tennis which turned into an enthralling hour or so and a hot sleepless night punctuated by a restless little boy crying, I dragged myself out of bed before 6 am to the hallowed halls of the BBC to do a live TV interview on house prices.
Although the usual nerves kicked in, I enjoyed it even if being interviewed standing up was new! Actually, standing up was a good way of doing it and Simon Jack is a very good interviewer who keeps things flowing and certainly knows his stuff.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.
